As it celebrates its 15th Year, The Young Hollywood Awards, long regarded as the “Oscars of Young Hollywood,” will partner with The CW Network to broadcast this year’s star-studded red-carpet event on Thursday, August 1 (8:00-10:00p.m. ET/PT). The announcement was made today by Jay Penske, Founder, Chairman and CEO of Penske Media Corporation (PMC), owner and Executive Producer of the award show, and Mark Pedowitz, President, The CW.

“I’m so pleased PMC and The CW will partner for our biggest year yet of the Young Hollywood Awards, spotlighting our show’s proven evolution in honoring and celebrating the accomplishments of the entertainment industry’s rising stars,” said Penske. “YHA celebrates emerging young talent, and The CW Network has established the careers of some of the brightest young stars – making this alliance all the more perfect for the significant 15th anniversary of this eminent event.”

“The CW is thrilled to be able to join forces with Jay and PMC to broadcast young Hollywood’s premier award show, as we continue to eventize our summer schedule,” said Mark Pedowitz, President, The CW. “Not only does this allow us to celebrate the year’s best emerging talent in film, music and television, but it perfectly fits with The CW’s brand and further establishes us as the place to find many of today and tomorrow’s up-and-coming stars.”

Since its inception, this vibrant red carpet show has served as a launch pad for the future careers of many of today’s top actors, directors, and entertainers. A must-attend for Hollywood’s A-list talent, industry executives, and fans, the annual Young Hollywood Awards draws extensive media coverage from national and international press. The list of previous Young Hollywood Awards recipients and presenters is a who’s who of Young Hollywood with names such as Scarlett Johansson, Armie Hammer, Kristen Stewart, Taylor Swift, Ryan Gosling, Zac Efron, Justin Bieber, Jake Gyllenhaal, Dakota Fanning, Jessica Alba, Liam Hemsworth, Ashley Greene, Emma Stone, Nick Jonas, Mila Kunis, and Shia LaBeouf, among many others.

The 15th Annual Young Hollywood Awards will be held in Los Angeles and the host and nominees will be unveiled in June 2013.